Ask the Mortgage Experts

What's the best way to buy a rental property?

Hi I have a property worth £220,000 and I have a £90,000 mortgage. I want to buy a £83,000 house for a second house to rent out. What is the best way to go about this?

Duncan,

If you don't have any monies to use as a deposit, then (subject to lender criteria) you could look to raise the deposit on your exisiting property, and then apply for a Buy To Let mortgage on the new rental property.

This looks like a fairly straightforward transaction, subject to the suitability of the new property, and there should be a lot of lenders and products to look at.

If you'd like to chat through some of the options open to you, then please let me know and I'll arrange a convenient time for you to speak to one of our consultants.

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

Call us on 0344 346 3672

Stay connected....

Legal

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.

John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.